Economic research offers two traditional ways of analyzing decision making under risk. One option is to compare the …

used to test the predictions of ten decision theories: risk neutrality, expected utility theory, fanning-out hypothesis … risk neutrality and loss aversion are clearly violated, respectively, by 55% and 46% of all contestants. There appears to …

for selling the content of their boxes. If contestants are less risk averse when facing unlikely gains, the price offer is … virtually identical across two groups. Thus, contestants appear to have identical risk attitudes over (large) gains of low and …

directly to risk preferences. Consequently, decreasing discount rates may be generated by people's proneness to probability …

materialize over time. Because risk and delay often arise simultaneously, theories of decision making should be capable of … explaining how behavior under risk and over time interacts. There is, in fact, a growing body of evidence indicating important … interactions between behaviorally revealed risk tolerance and patience. Risk taking behavior is delay dependent, and time …

This paper presents an axiomatic model of probabilistic choice under risk. In this model, when it comes to choosing one …